MRO Magazine

Canadian miner Kinross Gold selling Russian assets for US$680M as it exits country


Industry

April 5, 2022
April 5, 2022
The Canadian Press


Industries

TORONTO (CP) – Canadian miner Kinross Gold Corp. is selling all of its assets in Russia as one of a growing number of companies to withdraw from the country following the invasion of Ukraine.

The Toronto-based gold miner says it’s selling 100 per cent of its Russian assets to the Highland Gold Mining group of companies and its affiliates for US$680 million in cash.

Kinross owns the Kupol underground mine in the country’s eastern Chukotka region and surrounding exploration licenses as well as the Udinsk development-stage project.

It says Highland Gold is one of the largest gold mining companies in Russia with mining operations in the Chukotka and Khabarovsk regions where the Kupol mine and Udinsk project are located, respectively.

Advertisement

The company says the transaction is subject to the approval of the Russian government.

Kinross is the latest in a raft of Canadian companies to exit Russia following its attack against Ukraine.